Global Inventory Management Software Market in the Retail Sector 2016-2020
About the Inventory Management Software Market in Retail Sector
Inventory is a central asset for a company and represents the investment that is involved from the manufacturing to the sale of the product. Mishandling of inventory can lead to significant financial problems and result in either inventory glut or inventory shortage. An inventory control system is the set of guidelines and controls that monitors levels of inventory and regulates what levels should be maintained, when stock should be restocked, and what should be the economic order quantity.
Inventory management is the set of guidelines to keep track of products, items, or assets; evaluate the storage requirements of components; and supervise the amount of finished products.
Technavio’s analysts forecast the global inventory management software market in retail sector to grow at a CAGR of 8.31% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global inventory management software market in retail sector for 2016-2020. In order to calculate the market size, we are considering the one-time licensing cost.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Inventory Management Software Market in Retail Sector 2016-2020
Technavio recognizes the following companies as the key players in the global inventory management software market in retail sector: Epicor, Oracle, SAP, Microsoft, JDA Software, Netsuite, Sage Inventory Advisor, Fishbowl, and Inflow.
Other Prominent Vendors in the market are: Accellos, Aldata Software Management, Descrates, GTNexus, IBM, IBS, Kewill Systems, Kinaxis, Lawson Software, Logility, Manhattan Associates, Quintiq, RedPrairie, Retalix, Servigistics, and Totvs.
Commenting on the report, an analyst from Technavio’s team said: “A trend helping boost market growth is the increasing adoption of RFID technology. The rise in e-commerce and m-commerce has led to the adoption of omni-channel distribution systems, which require sophisticated inventory management systems to monitor operations. M-commerce and e-commerce companies compete on the basis of price, quality, and delivery time. RFID systems use an electronic data interchange to provide real-time information about the status of ordered goods to customers and retailers. They help minimize the cost of operations by reducing the delivery time and defects per million opportunities, such as delivering the wrong item, which triples the delivery time and can result in customer attrition.”
According to the report, a key growth driver is the existing supply chain inefficiencies and need for transparencies. Accurate demand planning by manufacturers and retailers is also another complex task because of inefficiencies such as incorrect data and delayed data flow through the supply chain. Manufacturers can obtain point-of-sale data from retailers, but without information about stock levels during inventory transportation, it is not possible to forecast the demand accurately.
Further, the report states that one challenge that could hamper market growth is the high cost of installation.
Epicor, Oracle, SAP, Microsoft, JDA Software, Netsuite, Sage Inventory Advisor, Fishbowl, Inflow, Accellos, Aldata Software Management, Descrates, GTNexus, IBM, IBS, Kewill Systems, Kinaxis, Lawson Software, Logility, Manhattan Associates, Quintiq, RedPrairie, Retalix, Servigistics, Totvs.